IIFL Home Finance Offers Swaraj Home Loan to Non-Formal Income Segment

New Delhi: IIFL Home Finance, a leading Indian housing finance company, offers a unique home loan – “Swaraj” – to meet the needs of borrowers in the informal income segment. Home loans offered under Swaraj are between Rs 2 lakh and Rs 20 lakh.
Swaraj Home Loan is a unique product available throughout India. It deals with housing loans for borrowers who can, for the first time, or do not need to be supported by formal income documentation, and therefore loans can not be provided under regular insurance standards.
Mr. Monu Ratra, General Manager, IIFL Home Finance said: “Realizing the constraints confronting those in an informal income segment, with low or zero credit history and low banking habits, we have launched Swaraj loans as a sign of respect for their hard working and entrepreneurial spirit. Swaraj Home Loan complements our broad goal of securing a loan insufficiently. We provide lucrative borrowers through our effective risk assessment and compliance, so as to help them fulfill their dreams. “
Swaraj uses semi-skilled workers such as plumbers, electricians, carpenters, drivers, mechanics, technicians, traders, peons and security guards who either work as small-size employees or work independently as self-employed. Swaraj can also be available to traders, merchants and contractors.
IIFL Home Finance is part of the non-banking financial arm of IIFL Group, India Infoline Finance Limited, a systemically important non-bank financial company that does not accept citizen deposits and deals with housing and property loans, gold loans, securities loans, small and medium enterprises and microfinance loans. IIFL Finance has AA (Stable) Long-Term Credit Rating by Crisila, AA (Stable) by ICRA and AA (Positive) by CARE.

Sharing is caring!